Laguna Beach Short Sale Information and Assistance

Short Selling Your Laguna Beach Home

Short sales, where lenders allow borrowers to sell their houses for less than the mortgages owed on them, once were available only in extreme cases. However, with today's unprecedented flood of foreclosures, short sales have become a common option for distressed homeowners who no longer can afford their mortgage payment. If you can handle the mortgage payment, there's no motivation for the lender to let you out of the mortgage at a lower price.

To qualify to short sale your Laguna Beach home, your home needs to be your primary residence. Generally, you have to be behind on your mortgage payments and on the verge of becoming delinquent. Many times, a homeowner may have a received a notice of default by certified mail. To make a case for a short sale of your home, you will need to compile paperwork to prove to the lender that you qualify for a short sale payoff. Your complete financial situation with documentation needs to be disclosed to the banks. Not only does the first lien holder need to be satisfied in a short sale, any secondary liens against the property will need to satified as well. Selling your Laguna Beach home as a short sale requires the approval of the lender(s) and they all must agree. And, as the seller or property owner, you cannot have monetary profit from a short sale.

Experienced Laguna Beach Short Sale Realtors

Our dedicated and experienced short sale team works diligently in your behalf in order for you to have the best chance of success in short selling your home. Once we submit the required documentation in the format that the lender expects, we stay in continual contact with them. Otherwise, your file may be put to the bottom of their priorities. Some of the items that you will need to put together for consideration of a short sale are:

Letter of Authorization to Lenders - This gives the lender permission to talk with us and our negotiators about your loan.
Hardship Letter - This statement of facts describes how you got into this financial bind and makes a plea to the lender to accept less than full payment. This letter should include your sincere apology about putting the bank in the situation of having to sell your house for less than what is owned to them.
Completed Financial Statement - You will need to disclose all assets. Lenders will want to know if you have savings accounts, money market accounts, stocks or bonds, negotiable instruments, cash or other real estate or anything of tangible value. They want to know that you do not have the resources to continue to make the payments.
Copies of Your Most Recent Bank Statements - The lender might want you to account for each and every deposit so it can determine whether deposits will continue.
2 years of tax returns
2 years of W-2's
Recent payroll stubs
Comparative Market Analysis - We prepare a CMA which will show prices of similar homes to yours: Active listings, Pending sales and Sold property during the last three- six months. (View Laguna Beach sold homes last 30-days.)
Purchase Agreement & Listing Agreement - When you reach an agreement to sell with a prospective purchaser, we submit a copy of the offer, along with a copy of the listing agreement to the lender.

Laguna Beach Short Sale Help and Assistance

To find our more detailed information about how to avoid a Laguna Beach foreclosure and if you qualify for a short sale of your home, contact The Hartanov Team. Or, you can call us direct at 949.285.3739 for a confidential consultation. Your information will be held in strict confidence.

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